Federal Agency and Other Consumer Protection News: December 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB or Bureau) is ordering Wells Fargo Bank to pay more than $3.7 billion to resolve claims of widespread mismanagement of auto loans, mortgages, and deposit accounts. The consent order requires payment of $2 billion in redress for almost 16 million consumer accounts and a $1.7…
Federal Agency and Other Consumer Protection News: November 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James took action against companies that allegedly took advantage of 9/11 victims. RD Legal Funding, two related entities, and the companies’ founder and owner, Roni Dersovitz, allegedly engaged in deceptive and abusive acts in connection with offering cash advances…
Attorney General Consumer Protection News: November 2022
Multistate Actions A bipartisan executive committee of attorneys general from 13 states confirmed agreements in principle with CVS Health and Walgreens which could provide more than $10.7 billion to states and local governments. CVS expects to provide $5 billion in payments over 10 years, while Walgreens would make $5.7 billion in payments over 15 years…
Attorney General Consumer Protection News: October 2022
Multistate Actions Led by Minnesota Attorney General Keith Ellison, a bipartisan coalition of 35 attorneys general filed an amicus brief in the U.S. Tenth Circuit Court of Appeals supporting Oklahoma’s laws that regulate pharmacy benefit managers (PBMs). Oklahoma’s laws are being challenged, on ERISA preemption grounds, in the latest lawsuit filed by the PBM industry’s national lobbying association,…
Federal Agency and Other Consumer Protection News: October 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) entered into a consent order with Choice Money Transfer doing business as Small World Money Transfer for alleged multiple violations of the Remittance Transfer Rule and the Electronic Fund Transfer Act. The CFPB alleged the company did not accurately disclose prepayment information to remittance senders,…
Federal Consumer Protection News: September 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) has ordered Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by allegedly illegal surprise overdraft fees. According to the consent order resolving the matter, from August 2018 through July 2021, Regions…
Attorney General Consumer Protection News: September 2022
Multistate Actions Led by Arkansas Attorney General Leslie Rutledge, Connecticut Attorney General William Tong, and North Carolina Attorney General Josh Stein, 51 attorneys general called on the Federal Communication Commission (FCC) to require telephone providers that route calls across the U.S. telephone network to implement more rigorous measures to prevent illegal and fraudulent robocalls from bombarding…
Federal Consumer Protection News: August 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) published guidance regarding data security requirements for financial companies. The circular provides guidance to consumer protection enforcers, including examples of when firms can be held liable for lax data security protocols. The CFPB settled with Hello Digit, LLC, a financial technology company, resolving allegations that…
Attorney General Consumer Protection News: August 2022
Multistate Actions A bipartisan coalition of 36 attorneys general announced a $450 million agreement in principle with opioid maker Endo International plc and its lenders as part of Endo’s bankruptcy filing. The tentative agreement would provide up to $450 million to participating states and local governments, ban promotion of Endo’s opioids, and require Endo to…
Federal Consumer Protection News: July 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB or Bureau) and Office of the Comptroller of the Currency fined Bank of America a combined $225 million for failing to disburse state unemployment benefits at the height of the pandemic. Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection…
